Chit payment - reg
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 October 2017
Find below the details of receipt from ABC Chit Funds:
Amount due 2000000 (auctioned amount)
GST 15000
Bank charges 1500
Net received 1983500
Kindly provide the accounting entries for the above transaction
Amount due 2000000 (auctioned amount)
GST 15000
Bank charges 1500
Net received 1983500
Kindly provide the accounting entries for the above transaction
05 October 2017
Cr. Chit A/c - Rs. 1983500
Cr. Bank Charges - Rs. 1500
Cr. GST A/c - Rs. 15000
Dr. Bank A/c - Rs. 200,000
31 October 2026
The entry given is reversed and does not balance; it should be Bank A/c Dr 19,83,500, Bank charges A/c Dr 1,500 and GST on foreman commission Dr 15,000 (input credit only if the chit is for business and the bill carries your GSTIN, otherwise expense), to Chit A/c Cr 20,00,000.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
